First Republic, Seal Jewelers, Snap and more
A customer walks past an ATM in front of a First Republic Bank branch in Manhattan Beach, California on March 13, 2023.
Patrick T Fallon | AFP | Getty Images
Check out the companies making headlines in midday trading.
Bank of the First Republic — First Republic shares recouped earlier losses and was last up about 22%. Sources told CNBC’s David Faber that a group of big financial institutions, including Goldman Sachs and Citigroup, are in talks to inject around $20 billion into the depressed region.
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Credit Suisse Group — U.S.-listed shares of the Swiss bank rose 2.5% after it announced it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock endured a volatile trading session on Wednesday, falling 13.9% after the Saudi National Bank, its biggest investor, said it was unable to provide additional funds.
UiPath — Shares rose 17.5% after the automation software company reported fourth-quarter adjusted earnings per share of 15 cents, beating StreetAccount’s estimate of 6 cents per share. Revenue also exceeded expectations. Following the results, UiPath was upgraded from Canaccord Genuity to Buy from Hold.
seal jewellers — Shares of the jeweler rose 13% after the company reported fourth-quarter earnings and sales that beat analyst estimates. Signet also reported margins above consensus and said it increased its buyback by $263 million.
snap — The Snapchat operator rose more than 6% at midday after Reuters reported that the United States’ Foreign Investment Committee required China’s ByteDance to sell its stake in TikTok. A separate report from Bloomberg says TikTok is considering parting ways with ByteDance if a deal with the US falls through.
foot cabinet — The athletic footwear retailer saw its shares rise about 5% after Telsey Advisory upgraded the stock to outperform, and said it expects tailwinds from a greater focus on products, brand partnerships, retail presence and e-commerce investments.
Adobe — The software maker saw its stock jump nearly 5% after the company released first-quarter results that beat Wall Street estimates. Adobe also raised its full-year guidance for revenue and new recurring net revenue from its digital media business.
Progressive — Shares of the insurance provider rose 4% after Wells Fargo upgraded its position from underweight to overweight. Wells said the company has defensive characteristics in a difficult macro environment.
Motorola solutions — The telecoms equipment maker gained 3% after JPMorgan upgraded it from neutral to overweight. The Wall Street firm said the stock has fallen to attractive levels.
Western Petroleum — The oil stock rose about 2%, outperforming the energy sector of the S&P 500 after Warren Buffett’s Berkshire Hathaway bought 7.9 million shares of the company. The average price for Monday through Wednesday’s purchases was $59.17, for a total of $466.7 million. Berkshire now owns 23.1% of Occidental.
LivePerson — The artificial intelligence company saw its shares plunge more than 50% after it reported weaker fourth-quarter earnings and full-year guidance that came in below Wall Street forecasts. Management cited a challenging macro backdrop for friction in its sell cycle.
– CNBC’s Michelle Fox, Jesse Pound, Sarah Min and Hakyung Kim contributed to the coverage
https://www.cnbc.com/2023/03/16/stocks-making-the-biggest-moves-midday-first-republic-signet-jewelers-snap-and-more.html First Republic, Seal Jewelers, Snap and more